Nikos Kardassis, former CEO of Jet Airways, who made a come back to the carrier in an-advisory-role and was tasked to turnaround the cash-strapped airline, has once again parted ways with it, a source said. The former chief executive parted ways with the airline after Goyal initiated discussions with his investment partner Etihad Airways for further stake sale to garner funds, said another source.

Jet Airways has sought a soft financing of $350 million from its investment partner Etihad Airways, as it continues to hold discussions with the latter to offload additional stake in the carrier, an airline source said on Thursday. The Abu Dhabi-based Etihad had come to the rescue of the Naresh Goyal-led airline during the earlier downturn too.

Jet Airways Ltd and second-largest shareholder Etihad Airways have been holding rescue talks with bankers of the indebted Indian carrier, three people aware of the matter told Reuters on Wednesday. Executives of the airlines met State Bank of India officials in recent days to discuss Jets cash flow and business plan, two of the people said.